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Making the most of your cash  

Making the most of your hard earned cash is important. And one good saving and investing vehicle is the ISA. The thing about ISAs is that there are lots of different types to choose from.  If you are saving or investing with the help of Enable’s experienced IFAs they will always suggest you look closely at ISAs.

If you have cash just sitting in a standard instant saver account you’ll have to pay tax on the interest. Basic-rate taxpayers have to give 20% of the interest above their £1,000 personal savings allowance. For higher-rate taxpayers, it’s 40% above their £500 personal savings allowance. If you are and additional-rate taxpayers, it’s 45% on all savings interest as there is no personal savings allowance available for this tax bracket.

The good thing about a cash ISA, is that there is never any tax to pay on interest you make. Cash ISAs are simply savings accounts where the interest is not taxed. And any interest you earn on an ISA does not count towards your personal savings allowance. So if you earn a lot of interest, you can just protect more of it in an ISA and keep it all tax free.

Just like normal savings accounts there are a variety of cash ISAs available, including instant access, regular savers and fixed-rate deals. You don’t have to pay to open a cash ISA. If you want help looking at your saving and investing options Enable’s IFA’s in Bishop’s Stortford are always happy to help.

https://www.moneysavingexpert.com/savings/ISA-guide-savings-without-tax

Issued by: Enable Independent Financial Life Planners • 
25c North Street, Bishops Stortford, Herts CM23 2LD • Telephone: 01279 755950 – Fax: 01279 657339
Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority.
It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us.
NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE

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